Breaking Data Sells its Toronto Team to Highground Technologies

Breaking Data (TSXV:BKD) announced that it has sold its Toronto-based technology team to Highground Technologies for an undisclosed sum.

However, the company said that the deal lets them to use its artificial intelligence which was previously built for its platforms GIVEMESPORT and GIVEMEBET.

As quoted in the press release:

Under the deal with Highground, Breaking Data will retain an agreement that will allow the Company to use the Artificial Intelligence (AI) previously built and to continue to develop machine-learning based systems for GIVEMESPORT and GIVEMEBET.

GIVEMEBET is a new online sports betting brand that will complement GIVEMESPORT’s leading position in digital sports publishing.

Under the sale and licensing agreement with Highground, Breaking Data will retain a 10 per cent stake in VRFY, a subsidiary of Highground. VRFY is a 21st century media company that uses AI to help consumers detect, collect and validate real time news events.

The Letter of Intent that was announced on October 17, 2017 for US$2.25m to develop and license software to Highground is superseded by this deal with Highground along with a US$500k consulting contract that was completed by Breaking Data in early 2018.

Nick Thain, CEO of Breaking Data, said: “We are pleased to announce this deal with Highground. It allows us to continue to use AI within our media and new online gaming business, at the same time as reducing our cost base.”

Thain continued: “This is another step on the road to us becoming a next generation sports betting and gaming company.”

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